New York, USA, Oct. 20, 2020 (GLOBE NEWSWIRE) -- The newest report on the global mass transfer equipment market published by Research Dive reveals the impact of COVID-19 pandemic on the present as well as future growth of the market. This report is drafted by market professionals by analyzing top driving factors, opportunities, restraints, recent trends, and size & scope of the market in the course of the Coronavirus crisis period.
Key Statistics of the Market:
The global mass transfer equipment market has witnessed remarkable advancement in the previous years, however the unpredicted outbreak of the COVID-19 pandemic has obstructed the growth of the market.
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According to the report, the global mass transfer equipment market had collected a revenue of $2,643.4 million in 2018 and is projected to surpass $4,599.2 million by 2026, rising at a growth rate of 7.1% throughout the pandemic period. The market size in the current situation has reached approximately $1,979.8 million owing to the shutdown of industries because of the enforcement of lockdown.
Researchers have anticipated that the market is expected to bounce back from the incurred losses and grow significantly by the second or third quarter of 2022.
Factors Propelling the Market Growth during COVID-19 Crisis:
The implementation of lockdown in several areas worldwide has stopped the functioning of various manufacturing companies including oil & gas, chemical, and others. Mass transfer equipment are greatly used for mass transfer in such industries; the stoppage of these factories has resulted in a decline in the growth of the global mass transfer equipment market. On the other hand, increase in the demand for safe and fresh drinking water during the course of COVID-19 pandemic has augmented the usage of these equipment in the water treatment units, which is expected to fuel the market growth.
Current Market Transformation Due to Covid-19:
The rising need for mass transfer equipment’s in the water filtration process and many other similar processes is expected to unlock rewarding opportunities for market players during the crisis period. Market players have undertaken new projects or services to contribute their share in offering safe water, and survive their business amidst this turmoil.
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Some of the Prominent Players Active in the Global Mass Transfer Equipment Market Are -
- HAT International Ltd.
- Ulzer Ltd.
- Koch-Glitsch
- Finepac Structures Pvt. Ltd.
- Tianjin Univtech Co., Ltd.
- MTE Group.
- Munters Group
- Baretti
- Beijing Zehua Chemical Engineering Co., Ltd.
- Others
Post-pandemic Market Insights:
To combat the impact of COVID-19 pandemic on global economies, governments are introducing beneficial schemes for encouraging businesses. Moreover, Finepac and Structures, an expert in mass transfer and separation technology has recently introduced a new type of mass transfer equipment that claims to have high-speed axial cyclone separator. With such ground-breaking technological developments, the global mass transfer equipment market is estimated to grow significantly after the end of COVID-19 pandemic. Click Here to Get Absolute Top Companies Development Strategies Summary Report
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